Bendigo gold false-positive could be very positive for Stavely

EXPLORER Stavely Minerals has added the potential for a big gold discovery to its emerging porphyry copper-gold portfolio, saying drilling has “unexpectedly hit a thick package of sedimentary rocks similar to those believed to be the source of the 25 million ounce Bendigo Goldfield”.

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The company had been targeting a "large and intense IP chargeability anomaly" at Toora West as part of its porphyry copper-gold hunt in western Victoria that has been bearing fruit nearby at Thursday's Gossan.

"(While) we still believe the target porphyry is in the area, the abundant pyrrhotite sulphides in the sedimentary sequence does explain the large and very strong IP chargeability anomaly," Stavely told the market.

The junior cautioned it still had to do "technical work" to confirm the gold endowment of this system, but it's evidently optimistic.

"If confirmed this is a very exciting development given it potentially creates an entirely new exploration opportunity for a world class go...